All of your thought process is correct. You cannot find E° of the cathode or E° of the anode individually using the given information. You can only note a "coincidence":
Your RHS cell reaction is Ni
2+(aq) + 2e
- Ni(s)
Your LHS cell reaction is Ni(s) + 2OH
-(aq)
Ni(OH)
2(s) + 2e
-The total cell reaction is thus Ni
2+(aq) + 2OH
-(aq)
Ni(OH)
2(s), n=2, from addition of the equations to balance e
-.
Now this cell reaction happens to be one for which you know ΔG°, because you happen to know K for solubility reaction Ni(OH)
2(s)
Ni
2+(aq) + 2OH
-(aq). The process occurring here is different (one is a dissolution, one is a redox exchange of electrons) but the path-invariance law for thermodynamic state functions ("Hess law") tells us that they will have the same ΔG and thus ΔG°. So you can convert K to ΔG° for the solubility reaction, equate that to ΔG° for the cell reaction, and from ΔG° for the cell reaction find E° for the cell reaction.
E = E° - RT/(nF) * ln(Q) will take it from there to find E of the cell given your activity or concentration values
You cannot find E° of the individual half-cells from this because you do not really have electrochemical information with which to tell such things. You only have a situation where, by the precisely managed nature of the two cells used, the cell reaction is equivalent to one for which you do know the equilibrium constant.
Since you asked for any insights, I would add that this all assumes [Ni
2+][OH
-]
2 = K
sp. If [Ni
2+][OH
-]
2 < K
sp then the solubility product equilibrium does not become established at all, and all the nickel hydroxide dissolves. Of course, you know it has been established because the cell set-up notes the presence of solid nickel hydroxide.